Report : North America Corrugated Boards Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Food and Beverage, E-commerce, Consumer Durables, Electrical and Electronics, and Others)
Food and Beverages Segment to dominate North America Corrugated Boards Market during 2020–2028
According to a new market research study on “North America Corrugated Boards Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application,” is expected to reach US$ 45,039.33 million by 2028 from US$ 29,342.47 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the North America corrugated boards market along with the drivers and restraints pertaining to the market growth. Raising demand for corrugated boards in diverse application range, growing expansion of online retail, and up-surging demand for sustainable and lightweight packaging materials are the major factor driving the growth of the North America corrugated boards market. However, unsteady prices of raw materials hinders the growth of North America corrugated boards market.
Many sectors, including the chemicals and materials industry, faced unprecedented challenges due to the COVID-19 pandemic. Due to shortage in raw material supply, shutdown of factories, labor shortage, and other operational difficulties under COVID-19 safety protocols, companies involved in the manufacturing of packaging products faced a contraction in sales during initial months of the pandemic. The e-commerce sector witnessed significant demand for various products such as packaged food and beverages, groceries, daily essentials, and consumer durable goods owing to shut down of offline stores. With rapidly growing e-commerce sector even in the times of COVID-19 pandemic, there was significant demand for corrugated boards from the e-commerce sector to package and transfer various goods. The US recorded the highest number of confirmed COVID-19 cases among all key countries in North America. This negatively impacted the overall manufacturing processes, research, and development activities. However, on May 26, 2021, a total of 288 million doses have been given administered so far in the US, and the governments are also planning to revive their operations soon. Slowly and gradually manufacturing units are being operationalized and various industries are recovering, which will have a positive impact on the corrugated board market.
The North America corrugated boards market is segmented on the basis of application and country. Based on application, the market is segmented into food and beverages, e-commerce, consumer durables, electricals and electronics, and others. In 2020, food and beverages segment held the largest share in the market, e-commerce is expected to be the fastest growing segment during the forecast period. Further based on food and beverages, the market is segmented into process food industry, fresh fruit and vegetable packaging, and others. In 2020, process food industry segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US and Canada. In 2020, the US held the largest share in the market, and canada is expected to be the fastest growing country during the forecast period.
Klabin S.A.; International Paper; Arcor; Mondi; NIPPON PAPER INDUSTRIES CO., LTD.; Smurfit Kappa; and WestRock Company are among the leading companies in the North America corrugated boards market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, WestRock completes acquisition of Five Facilities from U.S. Corrugated Holdings, Inc.
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